Sofia rental deals up with twelve points, the rental prices will stay the same
A compilation of several major factors lead to a new trend on the real estate market in Sofia. These factors include the restrictive policy of the banks in terms of mortgages, the financial insecurity on a global scale and the rumors for the forthcoming drop in the property prices. These factors sobered down the potential buyers, who were pressed by the situation and thus decided to go for renting rather than purchasing. The demand for apartments for rent in Sofia is stable and expected to increase, on the expense of the interest towards property purchase. The Sofia rental deals have gone up with an average of ten to twelve per cents for the first three quarters of the year, compared to the same period of the previous year.
The group of the people who are looking for a long-term apartment for rent in Sofia comprises of foreign executives who are sent to Sofia for a period of one to three years, young professionals who are working in multinational companies and young families with children. This target group is in search of one-bedroom apartments that are completed and easy to maintain. The business executives are looking for fully equipped and serviced apartments, while the young families are more into unfurnished apartments which they decorate themselves. The group prefers the newly-built residential blocks or the old blocks with well-kept entrance and good surroundings and is usually in search of districts with excellent infrastructure, regular public transport, and fast access to the city centre and the major shopping areas.
In certain cases these people are looking for studio apartments, but this is mainly valid for those clients who do not intend to spend a lot of time at home. The market shows that the difference in the rent of the studio apartments does not differ much to the rent of the one-bedroom apartments. On the other hand, the demand for two-bedroom and larger apartments have gone up, as these are preferred by the larger families and two couples who prefer to live together and share the expenses. The rental market prognosis is for more Sofia apartments to be presented on the rental market, which will stabilize the rental prices. And as the rental prices depend on the supply and the economic status of the people, it is unlikely that the sums for rental will go up.
The apartments offered on the market could be divided into two types according to their status and according to their location. The apartments that are rented out in the centre and in the prestige regions of Sofia come fully furnished and equipped and are presented to foreign tourists and business people. The apartments that are rented out in the residential districts could be either set in old blocks or in newly-built ones and are mainly appealing to the local market. Those tenants who have just moved to the capital prefer the old but furnished homes; while the young families prefer apartments for rent in the new, gated complexes that come in good condition but are not furnished.
